Talent Management Insights: The Dos And Don’ts Which Makes Or Break Your Organisation’s Talent Pool

Organisations around the world invest a
whole lot of resources, money and time in Talent
Management to retain High Potentials (HIPOTs). These
generally are highly
capable, intelligent, and quick learning resources that we’re
speaking of. Would a hike in salary package, grade, or
designation hold them motivated quite a while?

 

Visualize a goldfish inside a tank with lots of fighter
fish. A formula1 car on a high-traffic road. Shoe
polish close
to fruit racks in a retail outlet. How repulsive are these
images? That’s simply how hipots will
feel should they have to work in an environment that doesn’t suit their culture, aspirations, and capabilities. They will feel suffocated and what follows next is the hipot going
in search of fresh air.

 

 

CAPABILITY
MISMATCH:

 

Think
about it as a situation where your hipot has to
report to a manager who is low on
general intelligence. The manager would likely take more time concluding a brainstorming session. The hipot may see
this extra time as waste and incapability of
the manager. The hipot may well not find enough motivation to sit through the future meetings with
the manager or not really look forward to
learning from the manager.

 

 

CULTURE MISMATCH:

 

We all
know that adults prefer not to be told. A hipot would hate being directed always, and they want to be challenged cognitively. They generally would prefer guidance only after trying out things on
their own. An environment where the organisation or the managers are less tolerant towards
learning through experiments and failures will not
likely support nurturing a talent pool. ‘Telling
approach’ is one indicator of an
organisation that lacks a high-performance culture.

 

ASPIRATION
MISMATCH:

 

Tenure-based
promotion is a good enough ground repel the
talent pool farther from organisation. What
is needed in such a situation will be to manage somehow and stay
put for the promotions to happen. A hipot will
find doing work in such an environment insulting. Hipots intend
to grow according to performance,
effort and demonstrated capability.

 

Organisations
can’t expect hipots to wait patiently for their turn of promotion. The irony is
that the organisations don’t carefully consider their patience while recruiting them. The
talent management strategy must be in line with the intent to nurture and
retain the talent pool.

 

“At companies with
very effective talent management, respondents are six times more likely than
those with very ineffective talent management to report higher ‘Total Returns
to Shareholders’ than competitors.”

 

“Only 5 per cent
of respondents say their organizations’ talent management has been very
effective at improving company performance”.

 

Source –
https://www.mckinsey.com/business-functions/organization/our-insights/winning-with-your-talent-management-strategy

 

 

ATTRACTING VS
BUYING TALENT:

 

Does your organisation
attracts talent or get it from the market? These
are two
different things. Chances are if your organisation is attracting talent, you
will always have a talent surplus situation, no matter what the
market condition is. When
you are buying talent from the market, you may consider the following
thoughts:

 

• Increased
salary is not going to keep the hipot motivated permanently

• A Deputy
Assistant VP grade will not mean much for a longer duration

• If there is
a mismatch between expectations and reality, the hipot may regress
in performance after joining your organisation

• Recruiting
hipots may lead to interpersonal challenges together with increasing amount
of employee churn

 

 

Some pointers
to
help in making informed decisions about attracting, recruiting, and retaining
the talent pool:

 

• Define the DNA
of hipots for the organisation

• Define the
strategy to recruit hipots. You’ll have to ensure that they work with managers who can present the right environment

• Conduct surveys
to ascertain if your organisation’s culture is
conducive for nurturing the talent pool. If there are shortcomings, including organisational culture and practices,
address them through a robust learning architecture

• Make leaders
answerable for talent management and review them regularly

• Define a career
path for all roles within the organisation. The
employee should enter, get promoted, and exit the organisation at the right
time

• Make people
development a default competency for managers and leaders. Organisations should
give talent management competency enough weightage for making their promotions
decisions

• Provide equal
opportunity for all employees to learn and grow

• Make the
promotion criteria objective and transparent

• It is
absolutely ok to
not recruit hipots for your organisation, but this decision need to be based on talent pool bench-marking

performance marketing

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